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China’s domestic market for hot-rolled coil (HRC) had a mixed week over October 11-15, with the slump in HRC futures on the Shanghai Futures Exchange dragging down the spot sales price at the start of last week before tightening market conditions later propelled them up again.
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China’s steel export market remained tepid last week, even though the price gaps between Chinese sellers and their major competitors narrowed, according to Mysteel’s latest weekly report. By contrast, Chinese interest in imports, especially those of wire rod, became more active, trader sources say.
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Rebar production among the 137 Chinese steelmakers under Mysteel’s tracking including both integrated mills and re-rollers rose for the second week over October 7-13, climbing by 4.3% or 113,900 tonnes on week to total nearly 2.8 million tonnes. The rise was mainly due to the loosening of power rationing in several regions across the country, Mysteel Global noted.
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Over October 11-15, China’s domestic steel prices including rebar and hot-rolled coil (HRC) eased in both spot and futures markets, largely due to the pessimistic market sentiment in the near term, Mysteel Global noted.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined again over October 8-13, falling by 3% on week, as demand from end-users recovered after the National Day holiday over October 1-7.
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Chinese steel export volumes remained tepid during and after the National Day holiday week over October 1-7, market sources said on October 12. Steel export prices continue to gain in tandem with rising domestic steel prices, making exporting even harder, they said.
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China’s domestic price of Q235 4.75mm hot-rolled coil (HRC) under Mysteel’s assessment increased for the second week over September 30-October 8 to reach a two-month high. The price increased by Yuan 86/tonne ($13.4/t) from September 30 to Yuan 5,917/t including the 13% VAT as of October 8, mainly underpinned by declining output from mills, market sources said.
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Over September 30-October 6, rebar production among the 137 Chinese steel producers under Mysteel’s tracking including both integrated mills and re-rollers recovered by 6.8% or 168,900 tonnes on week to reach 2.7 million tonnes. Though output was still at a low level, last week’s result still ended four straight weeks of declines.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants.
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On October 8, the first business day after China’s National Day holiday over October 1-7, the domestic prices of both rebar and hot-rolled coil (HRC) posted gains in the physical and futures markets, in response to the market optimism on demand in the near term, Mysteel Global noted.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey reversed up by 4.7% on week over September 30-October 7 after sliding for four weeks, mainly due to the mills' increased production and slowing demand during the National Day holiday over October 1-7.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined for the fourth week over September 23-29 to hit the year's low of 4.98 million tonnes, mainly thanks the further drop in mills' steel output and the steady demand from end-users.
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China’s domestic price of Q235 4.75mm hot-rolled coil (HRC) under Mysteel’s assessment declined for the second week over September 17-24. The price edged down by Yuan 22/tonne ($3.4/t) on week to Yuan 5,777/t including the 13% VAT as of September 24, as demand from end-users remained sluggish due to power rationing, market sources said.
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Chinese steel exports have stayed slack recently partly due to the low demand from major buying countries and the difficulties in chartering vessels for the shipments, industry insiders shared on Monday.
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Over September 16-22, rebar production among China’s 137 steelmakers under Mysteel’s tracking including both integrated mills and re-rollers hit a 18-month low of 2.7 million tonnes, or down for the third straight week and at a faster pace of 11.8% or 361,800 tonnes on week, against the 6.1% on-week fall in the prior week, mainly due to a wider and deeper finished steel production cuts in many regions of China.
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Below is the brief near-term outlook of the five key steel products Mysteel shares on a weekly basis, drawing upon the results of related surveys and communication with the Chinese market participants. China will be celebrating the National Day holiday over October 1-7.
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Over September 22-24, China’s prices of rebar and hot-rolled coil (HRC) in the physical market continued to go to opposite directions, according to Mysteel’s assessments, while both their futures prices eased further, and steel demand after the Mid-Autumn Festival on September 20-21 had not shown signs of sustaining improvement.
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Stocks of the five major finished steel products at the 184 Chinese steel mills sampled under Mysteel’s weekly survey declined to an 8.5-month low of 5.49 million tonnes over September 16-22, mainly due to the reduction in output from the tough restrictions imposed on energy consumption among Chinese steel mills.
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Softer flat-steel markets at home and abroad saw Chinese export prices of hot-rolled coil (HRC) and cold-rolled coil (CRC) reverse down last week after rising for the two prior weeks, according to Mysteel’s latest weekly report.
